Saudi National Bank posts 20% rise in quarterly profit

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Riyadh, Oct. 24 (BNA): Saudi National Bank (SNB), the country's biggest lender, on Sunday posted a nearly 20% rise in third-quarter profit from higher fees.

SNB reported a net profit of 3.8 billion riyals ($1.0 billion) for the quarter that ended on Sept. 30, up from 3.2 billion riyals in the same period a year earlier, according to Reuters.

The result was better than the 3.6 billion riyals average analysts' forecast on Refinitiv Eikon data.

The Saudi bank said total operating income increased by 38.4% mainly due to higher net special commission income, foreign exchange income and higher fees from banking services.